Ornua, today (21 March) announced record revenues of €2.1 billion in 2017 (+18%) according to its operating and financial results for the year ended 30 December 2017.

The recently published report showed that its group EBITDA was up 25% to €53.8 million and the groups profit before tax increased by 84% to €29.1 million.

'It marked the first year of Ornua’s new five-year growth plan, Ornua 2021, which positions the business as a leading global dairy organisation that delivers results for its customers, consumers and stakeholders,' the exporter of Irish dairy products said in a statement.

Significant Growth

“2017 was a year of significant growth for Ornua with an excellent financial performance as we successfully delivered year one of our new five-year growth plan,” Kevin Lane, CEO of Ornua said.

“Product innovation continued at pace and allowed us to unlock new routes to market to ultimately drive value for our members, Ireland’s dairy processors and Irish farmers.”

Other operational highlights within the financial results highlighted that 2017 was a record year for Kerrygold in Germany and the US with double-digit volume growth.

Outlook For 2018 And Beyond

The Irish export company said that looking ahead in preparation for the post-Brexit trading environment, 'Ornua is reviewing a range of strategic measures to help minimise any potential negative impact'.

Lane added: “Despite volatile market conditions and Brexit uncertainties, we remain on track to deliver our 2021 vision of a €3 billion revenue business with a sustainable EBITA margin of 3%.”

In the report the group that exports grass-fed Irish dairy to over 110 countries worldwide, outlined that it will continue to capitalise on its established market leading positions in major export markets such as the US and Germany and to accelerate its development in key emerging markets such as Africa, China, Europe and the Middle East.